Bitcoin price wasted more time below resistance, today, as the bulls bought into an assumed rally. Indeed, a rally is possible, but the exchanges have more to gain from pulling price down into liquidation than giving retail traders an easy trade.
Time of analysis: 14h00 UTC
From the analysis pages of xbt.social, earlier today:
Bitcoin price formed another lower high overnight. The bulls are holding price near the high. Unfortunately, the low trajectory, low volume high since last week does not inspire confidence of additional advance.
The advice remains that traders should allow the market to battle it out and join the move only when the technicals confirm a move in either direction.
At this time, a bet on downside is becoming the higher probability wager, since the upside move has failed to achieve a higher high in most exchanges.
The market is apparently setting up for decline. The $430 (Bitstamp) level remains significant since a daily candle opening and closing above this level will confirm advance. So far, this has not happened and the slumping price action suggests lower lows are coming back into play.
What do readers think? Please comment below.
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Last modified (UTC): April 19, 2016 02:23